OECD Global Forum Blacklists 4 Jurisdictions and Establishes Group for Automatic Exchange of Information

On November 22, 2013, the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes held its sixth meeting in Jakarta, Indonesia, at which it reported that four jurisdictions (British Virgin Islands, Cyprus, Luxembourg and the Seychelles) have failed to implement its existing information exchange-on-request standard directed at combating tax evasion and fraud and it established a formal working group to implement automatic information exchange among its members.[1]